Building trust as a digital business is hard. For a digital financial product, the benchmark for building trust is even higher.
For context, a lot of digital products require access to your financial/identity information in order to provide personalized services to you. So, you have apps requiring your BVN to verify your identity. However, most people aren’t willing to enter their BVN online just to use an app. They are scared to use their BVN with new apps and there is identity fraud to worry about too; anyone can use your BVN to impersonate you and request for services like apply for a loan on an app.
For instance, Temi is signing up on a new savings app and she is prompted to input her BVN in order to verify her identity. Then she becomes skeptical and starts thinking, is it secure to enter my BVN on this app? Will this app have access to my financial account or move my funds? Is my data secure? What happens next is that Temi will obviously drop off the app and probably go ahead to uninstall it.
What does this do for your business? Nothing really; you lose new customers before you have a chance to onboard them fully and your bounce rates get higher.
Trust is a big thing and there are a lot more customers like Temi who wouldn’t enter their BVN on a new app they don’t trust. The big question here is; how can you make the process of identity verification more secure and frictionless for your potential customers?
How Mono solves this problem for your business
The identity verification process has to be more intuitive for your customers. Instead of requiring them to manually input their BVN, with Mono, you can instantly verify your users' identity without a BVN. How?
During the onboarding flow, customers will be asked to link their bank account to your business through the Mono Widget. After successfully linking their account, the information Mono returns is their verified BVN, address, confirmed full name, gender, date of birth, phone number, and email. This process takes only seconds; the customer simply has to enter their internet or mobile banking details which gives Mono the permission to securely retrieve their bank data and verify their identity.
Here's a more practical example; Temi wants to complete her onboarding process on ZazooMoney, a new savings app. She is required to enter her BVN to verify her identity before she can use the service offered by ZazooMoney. Instead of dropping off the app because she is skeptical about sharing her BVN online with a new app, Temi can just link her account to ZazooMoney using Mono and verify her identity instantly.
Essentially, Mono complements your KYC process by matching the bank data retrieved from the account holder against the customer's details in real time. This helps to reduce identity fraud and fake signups for your business. Your customers can securely verify their identity in seconds and then enjoy a hassle-free experience with your product.
Ready to get started?
If your team is looking to verify your users' identities easily by retrieving customer's account information reliably and securely. You can request access to get started with a ₦2000 free API call credit or reach out to us at firstname.lastname@example.org.